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Politics Business Expressions General Sports Leisure States 25 February 1998   Revamp leads to loss of Rs 14 cr for Philips Although Philips India Ltd has earned a higher gross profit of Rs 76.48 crore during the year ended December 1997 against Rs 56.56 crore last year, it has suffered a net loss of Rs 14.14 crore against a net profit of Rs 8.07 crore in 1996 mainly due to restructuring charge of Rs 64.2 crore.   Nahar told to make open offer The Securities and Exchange Board of India (SEBI) on Tuesday directed Nahar Investors and Traders Private Ltd to make a public offer to acquire shares of Mahavir Spinning Mills Ltd. Sebi has rejected the `exemption from open offer' plea of Nahar Investors and Traders Private (acquirer) for acquiring an additional 15 per cent stake in Mahavir Spinning Mills Ltd. Telco LCV sales move into reverse gear After a massive fall is the heavy commercial vehicle segment, Tata firm - Telco is fast losing its iron-grip over the the light commercial vehicle (LCV) segment too. The company's market share has dropped to 42 per cent during April-January period of fiscal 1998 from 51 per cent during the corresponding period of last year. Cummins, Valvoline tie up Cummins Diesel Sales and Service (India) Ltd, the wholly owned subsidiary of Cummins India Ltd, on Tuesday announced its tie-up with Valvoline International Inc, part of the Ashland Oil Inc, USA, a Fortune 500 company. The Indian chapter of the joint venture, termed Valvoline Cummins, is a 50:50 joint venture.   Service tax collections may fall short by 30% With a large section of the industry refusing to comply, the Finance Ministry's plan to raise Rs 2,150 crore from service tax in 1997-98 is likely to go awry. It has estimated a shortfall of 30 per cent, with collections to the tune of Rs 1,500 crore in the current fiscal. Rating mandatory for plantation cos In a bid to curtail the explosive growth of plantation companies, the Securities and Exchange Board of India (Sebi) has made it mandatory for them to get rated by credit rating agencies. The market regulator has stipulated that collective investment schemes of plantation/teak/orchid companies can mobilise money from the public or investors under their existing schemes only after getting a rating.     Glaxo, SB merger talks fail   Scrips fall on bourses   Curbs on export of wheat products go   Markets closed   Sensex makes small gain   Sterlite bid for Indal takes new turn as scrip reaches Rs 90   Dunlop asset sale stayed   Scramble for shrinking LCV pie slices Telco's marketshare by